Except for answering several calls from potential tenants, I took today off. My task for today was to research a satellite dish for our motorhome. I discovered that Radio Shack has a new pre-paid satellite dish for just such an application. It sounds perfect for our needs and I want to get one before next weekend's camping trip, which will be a 4 day weekend.
That is one of the great things about running a rental property business. I can set my own hours and take at least 3 days off most weeks. My typical "work" schedule for my rental business is to work 4 days each week, from about 11 am to 3 pm.
Have a great weekend!
2 comments:
Hi,
I'm jealous of your work schedule! ;-) Still working a full time job while doing real estate part time.
In Tucson, properties values are high and positive cash flow is hard to get initially. However, having focused on pre-foreclosures, has allowed me to pick several great rentals.
I'm curious, how have you been able to pick up so many rentals in a short period of time? Sold a business? Fixed and flipped for down payments? Or doing creative deals w/ low or zero down?
Also, what is the average cost of a single family residence in your area? For Tucson, average sales price is 298k. This greatly effects the way you invest long term in this type of market.
Still looking for ways to get out of the rat race.
Take care,
Bginvestor
www.mind2money.com
Bginvestor,
I'm glad to be out of the rat race. I try to work 3-4 hours per day, about 4 days per week. This seems to be about right to get my work done.
The average price of the houses I buy is about $25,000 with a FMV of about $50. My most expensive rental is worth about $100,000 and my least is worth about $45K.
I've acquired my properties using a variety of methods. I've borrowed a lot of money from small local banks (100% of purchase price and < 70% market value) and have done deals sub-2, lease option, owner financing, etc. Whatever it takes.
Mike
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